Spain Finally Demands for bailout of over €100bn.

Spain Finally Demands for bailout of over €100bn.

Madrid : Spain | Jun 10, 2012 at 2:56 AM PDT
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Spain to access eurozone rescue funds

Brussel, Belgium - After months of speculation, hope and denials, Spain has formally requested for a bailout package. After an emergency telephone conference of euro-zone finance minister yesterday, an official statement was issued saying that a larger sum of €100bn could be needed for Spain to refurbished its economy Said Luis de Guindos, economy minister.

Now that Spain has becomes the fourth member of the 17 nation euro-zone to get a bailout since the continent's debt crisis erupted two years ago, hope Spain can now used the bailout packages to help its struggling banks and property loans and assets problems.

But Luis de Guindos also caution, that he hope no further austerity measures would be attached as conditions for receiving the funds, that would be used expressly for the banks that needed them mostly, rather than to help cover Spain's public debt, which stood at a ratio of gross deomestic product, and it is lower than Germany's.

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Spanish Economy Minister Luis de Guindos insists "no external help is needed" to support the banks
Spanish Economy Minister Luis de Guindos insists "no external help is needed" to support the banks
Adebanjos is based in Seevetal, Niedersachsen, Germany, and is a Reporter on Allvoices.
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